Social Media Study Finds Bottom Line Drives Business to Credit Unions

A recent analysis of social media conversations found that consumers join credit unions because of better customer service, more credit, and lower interest rates and fees.

Jehan Hamedi, manager of global market development for Crimson Hexagon of Boston, said nearly 230,000 relevant social media conversations were analyzed for the credit union study conducted from January to November 2012.

Crimson Hexagon leverages its proprietary technology to tap into social media conversations to uncover what consumers are saying about businesses, products and services.

The analysis found that 17% of the total conversations represented consumers who cited better customer service as the top benefit for joining credit unions.

The company’s analysis also found that in 15% of social media conversations consumers see credit unions to be advantageous for building credit and raising credit scores, while 14% of social media conversations among consumers said receiving higher credit limits and lower interest rates on loans are other reasons why they are drawn to credit unions.

Thirteen percent of people in the social media conversations said they join credit unions because of savings on fees.

Just 9% of social media conversations found that consumers join credit unions because they support the community, and only 3% of social media conversations mentioned they sign up with credit unions because of a better rewards program.

Crimson Hexagon is offering a webinar on its findings at noon EST on Feb. 6.